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Investors Capital Corp. Fined For Selling Unsuitable Investments To Elderly; Must Offer Rescission
Massachusetts securities regulators fined Investors Capital Corp. $500,000 and ordered it to offer investors their money back plus interest.
The investments were equity-indexed annuities, which may lack liquidity (some must be held as long as 15 years to avoid withdrawal penalties) and may be unsuitable for older people who are more likely to face financial or medical emergencies.
The settlement applies to all customers who were 75 years or older when they bought the annuities between January, 2004 and December, 2005.
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